Australia and the UK on Wednesday signed an agreement to support Vietnam with US$16.4 million towards maximizing the benefits of trade liberalization, including its commitments to the World Trade Organization.

A five-year project, the second phase of the ââ‚¬Å“Beyond WTOââ‚¬ program launched in 2007, will help Vietnam implement its commitments under WTO membership and other international and regional agreements.

The project will focus on several areas including strengthening institutions of market economy, like state-owned businesses reform and land management, and helping the rural sector adjust to the impact of economic integration, it said.

The Australian Aid Program committed AU$12 million ($10.9 million) to the plan, and the UK Department for International Development contributed â"š¤3.4 million ($5.5 million).

The first phase of the program, named ââ‚¬Å“Maintaining Sustainable Development and Poverty Reduction Gains through WTO Commitment Implementationââ‚¬ was also supported by the two organizations with around $15 million.

The project has helped Vietnam develop its Government Action Plan that aims to apply 12 major policy initiatives. It also helped identify measures to maximize the benefits of WTO accession and ensure that these could be shared by the poor, a press release said.